Detroit Pistons Sold To Billionaire Investor Tom Gores

Channel 4 in Detroit is reporting that the Detroit pistons
have
been sold to billionaire equity investor Tom Gores.

Forbes has valued the team at about $360 million dollars,
including an entertainment and venue business.

The Pistons have been on the block for nearly a year, with
several ownership groups taking an interest.

Tigers and Red Wings owner Mike Ilitch was in talks to by them as
well, but reportedly balked at $400m+ asking price after seeing
the team's books.

Gores founded the Los Angeles-based Platinum Equity in 1995,
buying distressed companies and flipping them for big profits.
His net
worth is about $2.4 billion.

Gores was born in Israel, but raised near Flint, Michigan, and
attended Michigan State University before relocating to Beverly
Hills. His brother Alec, who is also on the Forbes Billionaires
list, has reportedly
expressed an interest in owning the Los Angeles Dodgers.